SouthState (NASDAQ:SSB) Announces Earnings Results

SouthState (NASDAQ:SSB - Get Free Report) announced its quarterly earnings data on Wednesday. The bank reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.64 by $0.26, Briefing.com reports. The company had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. SouthState's quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.62 EPS.

SouthState Price Performance

Shares of NASDAQ SSB opened at $96.55 on Thursday. The stock has a market cap of $7.36 billion, a price-to-earnings ratio of 15.75 and a beta of 0.67. SouthState has a 52 week low of $63.36 and a 52 week high of $103.82. The company's 50-day moving average price is $96.10 and its 200 day moving average price is $86.10. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SSB. Truist Financial upped their price objective on shares of SouthState from $109.00 to $111.00 and gave the stock a "hold" rating in a research report on Friday, September 20th. Keefe, Bruyette & Woods upped their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an "outperform" rating in a research note on Monday, July 29th. Stephens upped their price target on shares of SouthState from $88.00 to $101.00 and gave the stock an "equal weight" rating in a research note on Monday, July 29th. Citigroup started coverage on shares of SouthState in a research note on Thursday, October 10th. They set a "neutral" rating and a $102.00 price target on the stock. Finally, Hovde Group upped their price target on shares of SouthState from $97.00 to $112.00 and gave the stock an "outperform" rating in a research note on Monday, July 29th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, SouthState presently has an average rating of "Moderate Buy" and an average price target of $102.89.

Insider Activity at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now directly owns 33,328 shares of the company's stock, valued at approximately $3,332,800. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now owns 33,328 shares of the company's stock, valued at approximately $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is owned by corporate insiders.

SouthState Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.